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FX Magnetic Review: Is fxmagnetic.com Scam?

FX Magnetic Review: Is fxmagnetic.com Scam?

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According to their website, FxMagnetic.com is a Forex Indicator for MetaTrader 4 that tells traders when best to buy and sell. The platform promises to offer traders the best and most beneficial signals for trading. The platform targets a wide range of traders, including newbies, by presenting signals in their simplest form and ready to be placed into traders’ MetaTrader 4 accounts.

The company features a video demo on the different functionalities the platform offers. The demo video featured on the website is sourced from Rimantas Petrauskas’ YouTube channel. Rimantas Petrauskas’ is one of the most well-known programmers in Forex trading, and this suggests the involvement of Rimantas Petrauskas with them. Rimantas Petrauskas has more than 18 years’ experience in Forex programming.

However, a cause of concern is the fact that this company fails to provide any live trading account to demonstrate their trading results. We recommend that you always invest in companies with verifiable trading performances.

 FxMagnetic.com Review

The company does not give a physical address from where they run their operations. Rimantas Petrauskas, whose video demo is featured on the company’s website, has more than 18 years’ experience in Forex trade programming. He is credited for creating two of the most popular trade copiers for the MetaTrader 4 platform in the Signal Magician and Local Trade Copier.

FX Magnetic Review, Fxmagnetic.com Platform

Rimantas Petrauskas has also created and collaborated on several other projects, including Trendline Trader, Hedge EA, and Equity Sentry EA. He is also the co-founder of Autotrading Academy and is the author of How to Start Your Own Forex Signals Service, one of the best-selling books on Amazon in the Forex category. Rimantas Petrauskas knowledge and experience makes a good case for the legitimacy of the company.

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Other than Rimantas Petrauskas, the company does not provide details of other founders or employees involved with the company. The company also does not disclose the address of their physical address of operations.

The website provides various links for traders to view statistics of the last 100 trading signals, including the percentage of last 100 trades that won and the pips profit generated from these trades. Traders can also view the current signal details, including entry, take profit, stop loss, and direction. Further, traders can find details about the last closed signal, including entry, exit, and profit/loss in pips. This is the same for the outcome of the previous 100 signals. Traders can find details on entry, stop loss, and take profit.

FxMagnetic says that they do not repaint. Therefore, they show details of previous outcomes, no matter if they were winning or losing. They present these statistics in the form of simple graphical presentations that are easy for the users to interpret. However, the company does not demonstrate its trading results using a live trading account.

The company’s website features a FAQ section that traders can access before they purchase into their products. Further, traders can access the terms and conditions, as well as the company’s privacy policy.

FxMagnetic.com features some positive reviews from its customers from various sources and a link to their reviews and rating on Forex Peace Academy.

Tutorials and How FxMagnetic works

Several tutorials can also be found on their website. Traders can access tutorials on how to trade Forex with FxMagnetic indicator on MT4, how to change FxMagnetic Indicator settings, how to show more price bars and candles on the MT4 charts, installing FxMagnetic indicator on MT4, and how to save an MT4 screenshot of charts of terminal windows. Therefore, traders can get some basic understanding of the trading process before they can start trading with FxMagnetic.

FxMagnetic says they use an algorithm that scans the market for extreme conditions to identify overbought and oversold levels to determine the mean reversion.

Regulation and Customer Support

The company’s operations are regulated by the EU and operate under Privacy and Electronic Communications (EC Directive) Regulations and General Data Protection Regulation (GDPR). The company assures customers of the safety and protection of any data submitted to the platform. It also limits individuals under the age of eighteen years to access their products.

The company offers customer support via email from Monday through Friday during their working hours, which are from 09:00 to 18:00 GMT+2 and, only offers customer support in English, and it might take 1 to 2 business days to attend to customers’ complaints. To get in touch with customer support, customers have to fill out a contact form on their website or email them at [email protected]

Pricing

FxMagnetic trades mainly in four pairs, which include EURUSD, GBPUSD, EURJPY, and GBJPY. These are very expensive pairs, each going for €197. To access the option to trade in a combination of all four pairs, a trader would have to pay €788 per year, which makes it the most expensive product of its kind available. This is especially more noticeable, considering the company does not provide any live trading account to demonstrate their trading results.

Although FxMagnetic is not an automated trading system where they can simply demonstrate their trading results, for such expensive prices, the company should, at the very least, provide a demonstration of their trading results using a live account.

It is important to recognize that the company does offer a 30-day money-back guarantee through Clickbank or PayPal. The company also does offer 14 days free trial to sample the product. After the 14 days trial period, customers can choose to opt-out or purchase into the product.

Customer Reviews

The customer reviews are the only way to gauge the trading performance of this company. They have been able to draw a favorable rating of 4.1 stars out of 5 on Forex Peace Army. This is a high rating, which is not easy to achieve as it is possible to have fake negative reviews on the platform.

The Domain Insight

The official domain for FxMagnetic is FxMagnetic.com, which was registered on 16th September 2016. The domain expires on 16th September 2021. The domain was later updated on 4th September 2018.

This site has an impressive Alexa ranking of 2,620,797 in global internet traffic for the past 90 days showing high engagement.

Final Verdict

All information gathered suggests the company is legit and works well. The company is transparent on the outcome of previous trading signals, their policies, and their terms and conditions. They offer customer support via email and are fortunate to have one of the most well-known programmers in Forex trading. The company also has an impressive rating and positive customer reviews.

While all these features might be impressive to traders considering purchasing into their products, it is the pricing of FxMagnetic that raises great concern. Another thing that raises concern is the fact that the company fails to provide a demonstration of their trading results using a live account. Further, the company fails to provide details of the founders and owners and the physical address that the company operates from.

Hence, we advise that you use some of our recommended legit Forex trading products that will guarantee you real-time earning without compromising on your funds.

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